Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Share

 v2.3.0.11
Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2011
Earnings (Loss) Per Share  
Earnings (Loss) Per Share
NOTE 10.  EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share was computed by dividing earnings (loss) by the weighted average number of common shares outstanding during each period.  Diluted earnings (loss) per share was computed by dividing earnings (loss) by the total of the weighted average number of shares of common stock outstanding during each period, plus the effect of outstanding stock options and unvested restricted stock grants.  Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive.

The following table is a reconciliation of basic and diluted shares outstanding used in the calculation of earnings (loss) per share:

   
THREE MONTHS ENDED
    
SIX MONTHS ENDED
  
   
June 30, 2011
    
June 30, 2010
    
June 30, 2011
    
June 30, 2010
  
                         
Weighted average shares outstanding - basic
     21,838       18,625       21,835       17,751  
Effect of dilutive stock options
     -       58       165       20  
Effect of dilutive unvested restricted stock
     -       244       -       254  
Weighted average shares outstanding - diluted
     21,838       18,927       22,000       18,025  
                                 
(Loss) earnings per share:
                                
Basic
   $ (0.04 )   $ 3.08     $ 0.02     $ 3.09  
Diluted
     (0.04 )     3.03       0.02       3.05  

For the three months ended June 30, 2011, basic net loss per share was the same as diluted net loss per share because all potentially dilutive securities were anti-dilutive due to the net loss for the period.  For the six months ended June 30, 2011, diluted earnings per share excludes the anti-dilutive effect of options to purchase 965 shares of common stock whose exercise prices were higher than the average market price of the Company's common stock for the six months ended June 30, 2011 and 750 shares of unvested restricted stock as their required performance or market conditions were not met.

For the three and six months ended June 30, 2010, diluted earnings per share excludes the anti-dilutive effect of options to purchase 1,509 and 1,793, respectively, shares of common stock whose exercise prices were higher than the average market price of the Company's common stock for the three and six months ended June 30, 2010 and 500 shares of unvested restricted stock as their required performance or market conditions were not met.